As Michigan public schools prepare their 2025-2026 budgets, they should be aware of the short-term borrowing options available to cover their projected operating cash-flow shortfalls....more
A strange confluence of geopolitical events, labor unrest, softening consumer demand, and supply-chain logistical issues could leave lumps of coal in the stockings of lenders this holiday season. The story begins in the Red...more
The scenario is common enough: following a slow quarter, a borrower misses a debt service coverage ratio (DSCR), fixed charge coverage ratio (FCCR), or other financial covenant test required under its revolving credit...more
As Michigan public schools prepare their 2024-2025 budgets, schools should be aware of the short-term borrowing options available to cover their projected operating cash-flow shortfalls....more
Fund-level subscription-secured revolving lines of credit are a well-established instrument in the toolkits of a variety of private equity fund sponsors and managers, including for venture capital funds, hedge funds, debt...more
Recently, the Circuit Court of Arlington County, Virginia, issued an important decision involving the modification and enforcement of deeds of trust. In Mahaley v. Metters, CL21002581-00/01, 2023 Va. Cir. LEXIS 80 (Arlington...more
As Michigan public schools navigate the preparation of their 2023-2024 budgets, we wanted to again provide you with a reminder of the short-term borrowing options available to cover projected operating cash-flow shortfalls....more
After a tumultuous few days, Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A. are open to deposit and loan customers. Early on Friday, March 10, 2023, bank regulators closed Silicon Valley Bank, the...more
Sunday’s joint statement by the Department of Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) that all depositors of Silicon Valley Bank and Signature Bank of New York would have access to...more
UPDATE (3/12 PM): U.S. Treasury Uses Systemic Risk Exception to Protect Depositors of Failed Banks and the Federal Reserve Board Establishes New Emergency Facility. Following the failure of Silicon Valley Bank (SVB) on...more
Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB....more
On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against a large bank (the Bank), claiming that the Bank created sales pressure on its employees that encouraged employees to...more
Hoping to alleviate the immense damage to vulnerable communities inflicted by COVID-19 and racial inequities that have drawn the spotlight over the past year, foundations and other charitable institutions are digging deeper...more
Many Michigan Public School Academies (PSAs) experience periodic operating cash-flow shortfalls during a school year, which often make it necessary for these schools to borrow on a short-term basis to cover the shortfalls....more
The devastating financial fallout of the COVID-19 crisis has exacerbated law firm dissolutions and key attorney separations. Firms that were overleveraged, undercapitalized, poorly managed or otherwise unable to adjust to...more
Dopo un lungo iter di approvazione il 16 luglio 2020 è stato pubblicato in GU n.178 - Suppl. Ordinario n. 24, il DECRETO-LEGGE 16 luglio 2020, n. 76 (il “DL”), in vigore dal 17 luglio, recante “Misure urgenti per la...more
The following is the first in what will be a series of posts addressed to commercial landlords regarding bankruptcy. As many landlords are learning, unexpected circumstances can cause a good tenant to become a...more
As Michigan school districts navigate their 2020-2021 budgets, with looming cuts to school aid and other consequences of the COVID-19 pandemic, we want to remind you of the available operating cash-flow borrowing options....more
As a result of the COVID-19 virus and declining oil prices, local governments in Texas are facing sudden, unexpected, unprecedented, dramatic shortfalls or delays in a number of their core revenue streams, in some cases...more
States, municipalities and 501(c)(3) organizations (Issuers) likely will have to incur significant expenses in their fight against COVID-19. Even if Issuers have reserves available for these costs, there are a few different...more
The COVID-19 crisis is having a very substantial impact on many businesses. On a daily basis, they are struggling to continue their operations while facing mounting economic losses and ongoing cash flow shortfalls. A number...more
The Resolution contains the terms and conditions of the first tranche of the ICO Guarantee Line for businesses and self-employed persons, in order to mitigate the economic impact of COVID-19. On 26 March 2020, Spain’s...more
Although Material Adverse Change (“MAC”) clauses are quite prevalent in loan and financing documents, there is very little case law in Maryland dealing with the successful or unsuccessful enforcement of these clauses. With...more
As the coronavirus pandemic continues to strain world commerce and cause historic volatility in the financial markets, many companies are rightly concerned about liquidity in their businesses and within their banks. Until...more
Material adverse change provisions in credit agreements are under much heightened scrutiny in the current circumstances. In the current environment, both corporates and their lenders are trying to assess a fast-moving...more